Empire Life Investments Inc. bought a new position in Cathay General Bancorp (NASDAQ:CATY) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 66,303 shares of the bank’s stock, valued at approximately $2,665,000. Empire Life Investments Inc. owned approximately 0.08% of Cathay General Bancorp at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Cathay General Bancorp by 7.0% in the 2nd quarter. BlackRock Inc. now owns 8,511,095 shares of the bank’s stock worth $322,995,000 after purchasing an additional 554,856 shares during the period. State Street Corp boosted its stake in Cathay General Bancorp by 6.3% in the 2nd quarter. State Street Corp now owns 3,810,885 shares of the bank’s stock worth $144,623,000 after purchasing an additional 227,348 shares during the period. Northern Trust Corp boosted its stake in Cathay General Bancorp by 11.9% in the 2nd quarter. Northern Trust Corp now owns 2,450,360 shares of the bank’s stock worth $92,992,000 after purchasing an additional 261,148 shares during the period. Bank of New York Mellon Corp boosted its stake in Cathay General Bancorp by 0.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,469,247 shares of the bank’s stock worth $59,065,000 after purchasing an additional 7,251 shares during the period. Finally, Prudential Financial Inc. boosted its stake in Cathay General Bancorp by 4.6% in the 3rd quarter. Prudential Financial Inc. now owns 1,240,295 shares of the bank’s stock worth $49,860,000 after purchasing an additional 54,780 shares during the period. 67.60% of the stock is owned by institutional investors.
Several research firms have weighed in on CATY. BidaskClub downgraded Cathay General Bancorp from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 12th. SunTrust Banks initiated coverage on Cathay General Bancorp in a research report on Friday, August 18th. They set a “hold” rating and a $39.00 target price for the company. BMO Capital Markets downgraded Cathay General Bancorp from an “outperform” rating to a “market perform” rating and set a $45.00 target price for the company. in a research report on Thursday, November 30th. Zacks Investment Research downgraded Cathay General Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $43.00 target price on shares of Cathay General Bancorp in a research report on Friday, October 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $42.14.
In related news, COO Irwin Wong sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $43.10, for a total value of $431,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.76% of the stock is owned by company insiders.
Cathay General Bancorp (NASDAQ CATY) opened at $43.03 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $3,459.09, a P/E ratio of 17.19, a PEG ratio of 2.15 and a beta of 1.34. Cathay General Bancorp has a 52-week low of $34.00 and a 52-week high of $45.54.
Cathay General Bancorp (NASDAQ:CATY) last posted its earnings results on Wednesday, October 25th. The bank reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $146.20 million during the quarter, compared to the consensus estimate of $135.27 million. Cathay General Bancorp had a return on equity of 10.60% and a net margin of 33.87%. The company’s quarterly revenue was up 29.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.58 EPS. sell-side analysts predict that Cathay General Bancorp will post 2.49 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 11th. Investors of record on Friday, December 1st will be given a $0.24 dividend. The ex-dividend date is Thursday, November 30th. This is an increase from Cathay General Bancorp’s previous quarterly dividend of $0.21. This represents a $0.96 dividend on an annualized basis and a yield of 2.23%. Cathay General Bancorp’s dividend payout ratio (DPR) is currently 39.02%.
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Cathay General Bancorp Profile
Cathay General Bancorp is a bank holding company. The Company holds Cathay Bank, a California state-chartered commercial bank (the Bank); seven limited partnerships investing in affordable housing investments; GBC Venture Capital, Inc, and Asia Realty Corp. The Company also owns the common stock of five statutory business trusts created for issuing capital securities.
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